Ratings

Ratings Deutsche Bank AG

Moody's Investors Service

Bank RatingsRatingLast rating changeOutlook
Counterparty Risk A2 August 04, 2021
Deposits

long-term

short-term

A2

P-1

August 04, 2021

August 04, 2021

Positive
(August 04, 2021)

Issuer Rating long-term A2 August 04, 2021 Positive
(August 04, 2021)
Baseline Credit Assessment baa3 August 04, 2021
Issue Ratings
Pfandbrief Aaa
'Preferred' senior unsecured debt(1)

long-term

short-term

A2

P-1

August 04, 2021

August 04, 2021

Positive
(August 04, 2021)

'Non-preferred' senior unsecured debt(2) long-term Baa2 August 04, 2021
Non-deferrable dated subordinated (Tier 2) Ba1 August 04, 2021
Additional Tier 1 Ba3 August 04, 2021

(1) Defined as senior unsecured debt rating at Moody‘s

(2) Defined as junior senior unsecured debt rating at Moody's

Latest Reports Moody's
Moody’s credit opinion following upgrade (August 05, 2021)
Moody's upgrades Deutsche Bank AG's ratings, outlook positive (August 04, 2021)
Moody's issuer in-depth report following rating upgrade (August 04, 2021)

Standard & Poor's

Bank RatingsRatingLast rating changeOutlook
Stand-Alone Credit Profile bbb November 24, 2015
Issuer Credit Rating

long-term

short-term

BBB+

A-2

June 1, 2018

June 9, 2015

Positive
(February 26, 2021)

Issue Ratings
'Preferred' senior unsecured debt(3) long-term BBB+ June 1, 2018
'Non-preferred' senior unsecured debt(4) long-term BBB- March 28, 2017
Non-deferrable dated subordinated (Tier 2) BB+ November 24, 2015
Additional Tier 1 BB- February 26, 2021

(3) Defined as senior unsecured at S&P

(4) Defined as senior subordinated at S&P

Latest Reports Standard & Poor's
S&P full rating report (September 1, 2021)
S&P bulletin following Q1 2021 results (April 28, 2021)
S&P upgrades Deutsche Bank ratings outlook to positive (February 26, 2021)

Fitch Ratings

Bank RatingsRatingLast rating changeOutlook
Derivative Counterparty Rating BBB+ (dcr) June 7, 2019
Deposits

long-term

short-term

BBB+

F2

June 7, 2019

June 7, 2019

Issuer Default Rating

long-term

short-term

BBB

F2

June 7, 2019

June 7, 2019

Positive
(January 25, 2021)

Viability Rating bbb June 7, 2019
Issue Ratings
'Preferred' senior unsecured debt(5)

long-term

short-term

BBB+

F2

June 7, 2019

June 7, 2019

'Non-preferred' senior unsecured debt(6) long-term BBB June 7, 2019
Non-deferrable dated subordinated (Tier 2) BB+ March 27, 2020
Additional Tier 1 BB- October 12, 2020

(5) Defined as senior preferred debt rating at Fitch

(6) Defined as senior non-preferred debt and senior unsecured programme ratings at Fitch

Latest Reports Fitch Rating
Fitch update on Deutsche Bank (September 1, 2021)
Fitch revises Deutsche Bank's outlook to positive (January 25, 2021)
Fitch upgrades Deutsche Bank’s AT1 instruments (October 12, 2020)

DBRS Ratings

Bank RatingsRatingLast rating changeOutlook
Critical Obligations Rating

long-term

short-term

A(high)

R-1(middle)

July 7, 2016

September 29, 2015

Stable (July, 1 2021)

Stable (June 6, 2017)

Deposits

long-term

short-term

A(low)

R-1(low)

July 7, 2016

September 29, 2015

Stable (July, 1 2021)

Stable (June 6, 2017)

Issuer Rating

long-term

short-term

A(low)

R-1(low)

July 7, 2016

September 29, 2015

Stable (July, 1 2021)

Stable (June 6, 2017)

Intrinsic Assessment A(low) May 9, 2018 Stable (July, 1 2021)
Issue Ratings
Senior debt

long-term

short-term

A(low)

R-1(low)

July 27, 2018

September 29, 2015

Stable (July, 1 2021)

Stable (June 6, 2017)

Senior non-preferred debt long-term BBB(high) July 27, 2018 Stable (July, 1 2021)


Latest Reports DBRS Ratings
DBRS full rating report (July 16, 2021)
DBRS revises Deutsche Bank's outlook to stable (July 1, 2021)
DBRS on Q1 2021 Earnings results (April 29, 2021)

A credit rating is an assessment of the solvency or credit-worthiness of debitors and/or bond-issuers according to established credit review procedures. These ratings and associated research help investors analyse the credit risks associated with fixed-income securities by providing detailed information of the ability of issuers to meet their obligations. For the issuers of fixed income securities, credit ratings can provide greater market liquidity for their securities and reduced transaction costs. A rating is being continuously monitored. It enables investors to measure their investment risk.

Disclaimer:
The rating agency reports we have compiled constitute publicly accessible information. We have merely chosen to publish them on our website as an additional service for our shareholders and investors. These reports do not necessarily represent the opinion of Deutsche Bank AG, nor should they be seen as a recommendation to buy Deutsche Bank shares. Deutsche Bank accepts no liability for the completeness, timeliness, accuracy or selection of such information.